Ironbark Zinc Ltd (ASX:IBG) has received strong support from shareholders, raising $500,000 from a Shareholder Purchase Plan, which follows on the $1.5 million raised though a bookbuild.
Both raisings were priced at $0.032.
Funds will be used for continued permitting and application activities required to secure a mining license for the Citronen Project in the short term, further work to enhance the Citronen Feasibility Studies by China Nonferrous and general working capital purposes.
Citronen, located in Greenland, is one of the largest undeveloped zinc projects in the world.
The project boasts a high grade zone of 29.9 million tonnes at 7.1% zinc and 0.5% lead, which is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.
The Citronen resource remains open ended in every direction, conceivably significantly extending the current life of mine of 14 years.
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